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Montage Technology Group (NASDAQ:MONT) was downgraded by Needham & Company LLC to a “hold” rating in a research note issued on Wednesday.

Several other analysts have also recently commented on the stock. Analysts at Wells Fargo & Co. downgraded shares of Montage Technology Group from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Separately, analysts at Chardan Capital downgraded shares of Montage Technology Group from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, analysts at Zacks upgraded shares of Montage Technology Group from a “neutral” rating to an “outperform” rating in a research note on Thursday, April 3rd. They now have a $22.30 price target on the stock. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $20.33.

Montage Technology Group (NASDAQ:MONT) traded up 8.65% during mid-day trading on Wednesday, hitting $21.49. 5,692,708 shares of the company’s stock traded hands. Montage Technology Group has a one year low of $10.00 and a one year high of $26.70. The stock has a 50-day moving average of $19.65 and a 200-day moving average of $19.19. The company has a market cap of $575.2 million and a P/E ratio of 18.00. Montage Technology Group also was the target of a large increase in short interest in May. As of May 30th, there was short interest totalling 1,686,008 shares, an increase of 24.6% from the May 15th total of 1,353,189 shares. Approximately 7.5% of the company’s stock are sold short. Based on an average daily volume of 635,475 shares, the days-to-cover ratio is presently 2.7 days.

Montage Technology Group (NASDAQ:MONT) last announced its earnings results on Tuesday, May 6th. The company reported $0.32 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.31 by $0.01. The company had revenue of $35.60 million for the quarter, compared to the consensus estimate of $35.42 million. Montage Technology Group’s revenue was up 77.1% compared to the same quarter last year. On average, analysts predict that Montage Technology Group will post $1.63 earnings per share for the current fiscal year.

Montage Technology Group Limited is a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets.

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